Community Bankshares reports record earnings and declares common stock dividend.CONCORD, N.H.--(BUSINESS WIRE)--Jan. 22, 1997--Community Bankshares Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on NMS See NetWare Management System. : CBNH), parent company of Concord Savings Bank savings bank, financial institution that, until recently, performed only the following functions: receiving savings deposits of individuals, investing them, and providing a modest return to its depositors in the form of interest. and Centerpoint Centerpoint is used in several senses:
For the fourth quarter ended Dec. 31, 1996 net income was $1,290,000 or $0.52 per share compared to $636,000 or $0.27 per share for the same period in 1995. Excluding non-recurring expenses, earnings per share would have been $1.90 and $0.50, respectively, for the year and quarter ended Dec. 31, 1995. The company also announced today that its board of directors has declared a regular quarterly dividend of $0.16 per share of common stock outstanding. The dividend will be payable on Feb. 14, 1997 to stockholders of record on Feb. 6, 1997. Douglas Douglas, city, Isle of Man Douglas, city (1991 pop. 19,950), capital of the Isle of Man, Great Britain. It is a popular resort, connected by rail to Ramsey and Port Erin, on the Irish Sea. Tourism is the chief industry. Crichfield, president and chief executive officer, stated, "Our earnings improvement reflects the significant progress we are making in building the core value of our New Hampshire New Hampshire, one of the New England states of the NE United States. It is bordered by Massachusetts (S), Vermont, with the Connecticut R. forming the boundary (W), the Canadian province of Quebec (NW), and Maine and a short strip of the Atlantic Ocean (E). banking franchise. During the year our non-interest bearing checking account base, as well as our non-interest income (exclusive of security gains) each grew by over 30 percent, laying a solid foundation for 1997." During 1996 we continued to expand our penetration of the market for Commercial and Consumer banking. With moderate gains in economic activity generally forecasted to continue for New Hampshire in the near term, we expect, and are staffed for, continued expansion of these businesses in 1997, especially commercial banking in the populous pop·u·lous adj. Containing many people or inhabitants; having a large population. [Middle English, from Latin popul southern tier The Southern Tier is a geographical term that refers to the counties of New York State west of the Catskill Mountains along the northern border of Pennsylvania. The region is bordered to the south by the Northern Tier of Pennsylvania, and together these regions are known as and seacoast regions. In the first quarter of 1996 we successfully completed the acquisition of Centerpoint Bank, a commercial bank with offices in Hillsborough Hillsborough or Hillsboro is the name of a number of cities and counties throughout the world. Some take their names directly or indirectly from Hillsborough, South Yorkshire, in England (see below), and others from Hillsborough, County Down in Northern Ireland. and Rockingham Counties Rockingham County is the name of three counties in the United States of America:
Community Bankshares Inc. is traded on the NASDAQ National Market System under the symbol "CBNH." The company offers a wide range of financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. to consumers, businesses and municipalities throughout New Hampshire with eleven offices in central, eastern and southern New Hampshire. The company originates consumer automobile, recreational vehicle, and boat loans throughout the state through its subsidiary Bancredit Corp. and originates residential mortgage loans in New Hampshire, Vermont Vermont (vərmŏnt`) [Fr.,=green mountain], New England state of the NE United States. It is bordered by New Hampshire, across the Connecticut R. and Maine Maine, ship Maine, U.S. battleship destroyed (Feb. 15, 1898) in Havana harbor by an explosion that killed 260 men. The incident helped precipitate the Spanish-American War (Apr., 1898). Commanded by Capt. Charles Sigsbee, the ship had been sent (Jan. through its subsidiary Community Mortgage Inc. Deposits in the company's banking subsidiaries, Concord Savings Bank and Centerpoint Bank, are insured up to applicable limits by the Federal Deposit Insurance Corp. Detailed financial information on the company can be viewed on the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the at www.cbnh.com . The company can be reached via e-mail at bankshares@cbnh.com . -0-
COMMUNITY BANKSHARES INC.
SUMMARY FINANCIAL INFORMATION
(Unaudited)
CONSOLIDATED STATEMENTS OF INCOME:
Three Months Ended 12 Months Ended
Dec. 31, Dec. 31,
1996 1995 1996 1995
(dollars in thousands except per share data)
Interest and
dividend income $ 11,137 $ 9,951 $ 41,578 $ 38,065
Interest expense 5,034 5,022 19,757 18,978
Net interest
and dividend
income 6,103 4,929 21,821 19,087
Provision for
possible loan
losses 475 248 1,350 923
Net interest and
dividend income
after provision
for possible
loan losses 5,628 4,681 20,471 18,164
Gains on sales
of investment
securities 69 228 540 346
Gains on sales
of loans 245 212 867 692
Other non-interest
income 712 589 2,586 1,942
Non-interest
expense 4,716 4,413 16,820 14,896
Income before
income taxes 1,938 1,297 7,644 6,248
Income tax
expense 648 661 2,689 2,312
Net income $ 1,290 $ 636 $ 4,955 $ 3,936
Earnings per common
and common equivalent
shares $ 0.52 $ 0.27 $ 2.00 $ 1.61
-0-
CONSOLIDATED BALANCE SHEETS:
Dec. 31,
1996 1995
(dollars in thousands
except per share data)
Cash and cash equivalents $ 20,660 $ 31,193
Securities available for sale 71,710 67,411
Securities held to maturity 47,021 47,525
Federal Home Loan Bank stock 4,571 4,411
Mortgage loans held for sale 1,755 2,940
Loans 388,484 327,014
Allowance for possible loan losses (3,905) (3,667)
Net loans 384,579 323,347
Premises and equipment 9,923 8,938
Real estate acquired by foreclosure 738 566
Other assets 9,639 11,672
Total assets $ 550,596 $ 498,003
Non-interest bearing deposits $ 52,388 $ 39,969
Interest bearing deposits 343,399 345,468
Total deposits 395,787 385,437
Borrowed funds 108,888 70,936
Other liabilities 5,114 4,862
Stockholders' equity 40,807 36,768
Total liabilities and
stockholders' equity $ 550,596 $ 498,003
Book value per share $ 16.66 $ 15.49
-0-
COMMUNITY BANKSHARES INC.
SUMMARY FINANCIAL INFORMATION
(Unaudited)
OTHER SELECTED DATA:
Three Months Ended 12 Months Ended
Dec. 31, Dec. 31,
1996 1995 1996 1995
(dollars in thousands
except per share data)
STOCK INFORMATION:
Average common and
common equivalent
shares 2,495 2,356 2,477 2,445
Earnings per common
and common
equivalent shares $ 0.52 $ 0.27 $ 2.00 $ 1.61
Dividends paid per
share 0.16 0.15 0.61 0.55
Book value per share 16.66 15.49 -- --
Closing price per
share 20.50 18.88 20.50 18.88
Closing price to
earnings 9.86 17.48 10.25 11.73
Closing price to
book 123.03% 121.89% -- --
Total share volume
traded (as reported
by NASDAQ) 237,833 340,591 914,514 974,946
KEY RATIOS:
Return on average
assets 0.95% 0.51% 0.94% 0.81%
Return on average
stockholders'
equity 12.77% 6.92% 12.84% 11.31%
Net interest
margin 4.79 4.16 4.43 4.15
Equity-to-assets at
period end 7.41 7.38 -- --
Regulatory leverage
ratio 7.41 7.04 -- --
ASSET QUALITY DATA:
Net loan charge-offs
$ 295 $ 197 $1,112 $ 773
Non-performing assets
as a percent of
total assets 0.44% 0.51% -- --
Allowance for possible
loan losses at period
end as a percent of:
Total loans 1.01% 1.12% -- --
Non-performing
loans 280.53% 225.80% -- --
Non-performing assets at
period end:
Non-performing
loans $ 1,392 $ 1,624 -- --
Real estate
acquired
by foreclosure 738 566 -- --
Other assets
acquired 288 333 -- --
Total non-
performing
assets $ 2,418 $ 2,523 -- --
-0-
COMMUNITY BANKSHARES INC. SPECIAL ANNOUNCEMENTS Visit our Web site @ www.cbnh.com for current information 12/96 Our eleventh In music or music theory an eleventh is the note eleven scale degrees from the root of a chord and also the interval between the root and the eleventh. Since there are only seven degrees in a diatonic scale the eleventh degree is the same as the subdominant and the interval New Hampshire banking office opened in Hooksett. 10/96 Company forms alliance to originate o·rig·i·nate v. 1. To bring into being; create. 2. To come into being; start. for immediate resale resale n. selling again, particularly at retail. In many states a "resale license" or "resale number" is required so that the state can monitor the collection of sales tax on retail sales. RESALE. without recourse A phrase used by an endorser (a signer other than the original maker) of a negotiable instrument (for example, a check or promissory note) to mean that if payment of the instrument is refused, the endorser will not be responsible. lesser quality auto loans on behalf of a nationally recognized originator Originator A bank, savings and loan, or mortgage banker that initially made a mortgage loan that is part of a pool. Also, an investment bank that has worked with the issuer of a new securities offering from the beginning and is usually appointed manager of the underwriting and servicer of this product. 10/96 Company launched telephone and P.C p.c. (post cibum), n a Latin phrase meaning “after meals”; the abbreviation may be used in prescription writing. . bill payment service. 9/96 Introduction of Money Market Account tied to IBC/Donahue Index of money market returns. 8/96 Company's Community Mortgage unit became licensed in the State of Maine in addition to New Hampshire and Vermont. 6/96 The company announced its entry into New Hampshire's seacoast region with the opening of an office at historic 22 Market Square, Portsmouth. It houses a Centerpoint Bank business to business office as well as staff of Community Mortgage. 5/96 The company began operation of automated teller machines automated teller machine (ATM), device used by bank customers to process account transactions. Typically, a user inserts into the ATM a special plastic card that is encoded with information on a magnetic strip. in 16 Wal-Mart and Sam's Club Sam's Club is a membership-only warehouse club owned and operated by Wal-Mart Stores, Inc. History The first Sam's Club opened in April 1983 in Midwest City, Oklahoma in the United States.[1] Sam's Club is named after Sam Walton. stores throughout New Hampshire. 4/96 Company introduces InTouch24 automated au·to·mate v. au·to·mat·ed, au·to·mat·ing, au·to·mates v.tr. 1. To convert to automatic operation: automate a factory. 2. telephone banking. 3/96 Company completed its acquisition of Centerpoint Bank, a commercial bank focused on business banking services with offices in Manchester, Bedford and Nashua, N.H. CONTACT: Community Bankshares Inc. Investor Relations Investor relations The process by which the corporation communicates with its investors. , 1-800-224-BANK (2265) |
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